I agree, this is really awesome!:) Having an online site where we can do stuff like the renewal of license and paying fines is a great help and will save us time. On the other hand, I'd like to sha...
I agree, this is really awesome!:) Having an online site where we can do stuff like the renewal of license and paying fines is a great help and will save us time. On the other hand, I'd like to share that a certain site is a great help when I was still looking for a new car, you can go here for more info: Car Loan Payment
Just in case you haven't noticed, you can win tickets to Formula Drift Singapore 2009, proudly sponsored by Goodyear Singapore by posting product reviews in Pitstop! Posting reviews of goodyear tyr...
Just in case you haven't noticed, you can win tickets to Formula Drift Singapore 2009, proudly sponsored by Goodyear Singapore by posting product reviews in Pitstop! Posting reviews of goodyear tyre reviews doubles your chances of winning!
HDB has decided to roll out the Mechanised Parking System to 3 pilot sites in Bukit Panjang, Yishun and Changi Village in a bid to see if it addresses the issue of parking in older HDB estates. The carpark at Block 259A Bangkit Road, Block 666A Yishun Avenue 4 and behind Block 1 Changi Village Road will serve as the test sites. The construction of the system will be completed by 2015. There have been car park shortages in new estates as a result of the increase in car ownership. Due to the lack of space, adding extra parking space is not an option. The MPS pilot programme would allow HDB to gauge public acceptance of the system.Pictures used for illustration purposes only.
News just in. The 23 year old COE system will be undergoing a major revamp according to Transport Minister, Lui Tuck Yew, at a press conference this morning.
The biggest change announced was that cars with engine power exceeding 130bhp will be classified under the Cat B COE. This new criterion comes amid the existing ruling that a Cat A car's engine capacity must not exceed 1,600cc.
This would mean that cars like the Volvo V40 (180bhp) and Mercedes-Benz A200 (156bhp) will be pushed into Cat B with the larger capacity cars.
According to the minister, the criteria will be reviewed every few years to keep pace with current market trends and improvements in automotive technology.
This comes amidst efforts by LTA to separate premium cars with the mass-market bread and butter models.
The changes are the result of LTA feedback sessions conducted betwen May to July with the public and key industry figures.
LTA has chosen not to implement any penalties for car owners with multiple cars. According to LTA, there are many loopholes which buyers will be able to circumvent such a ruling.
1. As announced today by the Minister for Transport, Mr Lui Tuck Yew, the Land Transport Authority (LTA) has completed the public consultation on possible refinements to the Certificate of Entitlement (COE) system to better ensure some element of social equity in car ownership.
2. After careful consideration, LTA will retain the existing criterion for Category (Cat) A that the engine capacity of the car should not exceed 1,600 cylinder capacity (cc), and add a new criterion that the engine power of the car should not exceed 97 kilowatts (kW) (equivalent to about 130 brake horsepower (bhp)). (Please refer to Annex A for more information on the proposed refinements to the COE system.)
3. LTA will not implement a surcharge on multiple car ownership, in view of concerns over its effectiveness and possible impact on larger households.
Fundamental principles of the COE framework are sound
4. The fundamental principles of the COE framework remain sound. The public consultation exercise showed that Singaporeans too, understand t...
Fundamental principles of the COE framework are sound
4. The fundamental principles of the COE framework remain sound. The public consultation exercise showed that Singaporeans too, understand the need for car ownership controls, and that car ownership is not in the same category as housing, health or education, which are basic necessities. In fact, some commented that the COE system is fundamentally sound and any changes should not detract from its core purpose of managing the vehicle population.
5. Nevertheless, over 80% of online survey respondents felt that the current COE categorisation criteria should be changed to better retain the original purpose of Cat A being for mass-market cars, in view of the rising proportion of premium cars appearing in Cat A in recent years.
New categorisation criteria for Category A and B cars
6. A new set of categorisation criteria to better delineate mass market from premium cars will be introduced. The new categorisation will retain the existing Cat A criterion that the engine capacity of the car should not exceed 1,600cc for Cat A, and add a new criterion that the engine power of the car should not exceed 97kW (equivalent to about 130 bhp). Had this additional engine power criterion been applied to the 2012 vehicle registrations, almost 50% of cars in Cat A would have moved into Cat B. (Please refer to Annex B1 for the list of Cat A car models registered in 2012 that would have been moved to Cat B under the new criteria, and Annex B2 and Annex B3 for the list of car models in Cat A and Cat B respectively under the new criteria.)
7. LTA acknowledges that many who were consulted favoured cars to be categorised based on their Open Market Value (OMV). However, it is not practical to use the OMV of a car model for categorisation as OMV can fluctuate quite significantly for different batches of the same car, due to variations in exchange rates and car model specifications. This means that the same car model can end up in Cat A and Cat B at different times.
8. Engine capacity had been a good proxy for the value of a car until recent years. The new twin criteria of engine capacity and engine power will be an improvement as a proxy for the value of a car, compared to the single criterion, while giving buyers certainty over the COE category of the car model they are intending to purchase. With the new criteria, more than 90% of the car models in Cat A will have an OMV of less than $20,000, which was the OMV threshold for Cat A/B most respondents preferred.
9. To keep pace with market trends and technological improvements, LTA will review the criteria every few years and consider if adjustments are necessary.
10. To give car buyers and the industry lead time to adjust, the change will only be implemented for all cars registered using COEs obtained from the February 2014 first open bidding exercise.
Mixed views on multiple car ownership surcharge; impossible to implement effectively
11. Today, there are other measures outside the COE system that address social equity in car ownership. For example, premium car buyers pay significantly more than buyers of mass-market cars through a tiered Additional Registration Fee and higher road tax.
12. Although imposing a further levy such as a multiple car ownership surcharge was a popular suggestion in the online survey, subsequent focus group discussions found no agreement on how the surcharge should be designed. Most agreed that such a surcharge would be easy to circumvent and extremely difficult to enforce, and could also unnecessarily penalise some groups (e.g. those in multi-generation households). Some were also concerned about the underlying principle of whether such a measure is fair, and the signal that it sends against our meritocratic system.
13. LTA will therefore not implement a multiple car ownership surcharge given the varied concerns and the difficulty of implementing such a surcharge effectively.
Pay-As-You-Bid (PAYB) system
14. Another common suggestion was a PAYB1 auction system, which is one we have periodically received over the years. The argument is that it will result in more conservative bidding and therefore lower COE premiums.
15. We have consulted experts in auction theory on this suggestion. They explained that our current open bidding system does not encourage aggressive bidding; in fact, it generally incentivises people to bid the true amount that they are willing to pay. From what we observe of the bids, very few bids are substantially above the final COE price. This suggests that bidders monitor the prices and are cautious about over-bidding.
16. According to experts in auction theory, an open PAYB system is likely to lead to a similar outcome. Industry watchers also caution that a PAYB system may not necessarily lead to lower COE prices overall no matter how risk-averse buyers are, as prices are ultimately driven by demand. (Please refer to Annex C for an explanation of the current and PAYB auction systems.)
17. Thus, LTA will not implement a PAYB system.
Ban motor dealers from COE bidding
18. Public feedback on calls to ban motor dealers from bidding for COEs has been mixed. While there were many who proposed to ban dealers from bidding, nearly half of the respondents to an earlier LTA survey were against doing so3.
19. A number of people noted that the COE bid price is ultimately dependent on buyers’ willingness-to-pay. Car buyers who supported allowing dealers to bid for COEs also said that they preferred the dealers to handle all the paperwork for registration, trading in, financing and insurance. Others felt it would be impossible to prevent people from getting their dealers to bid for them by proxy. Banning dealers from bidding could also result in buyers having to find separate financing for their COEs.
20. On balance, to preserve the option that buyers have today of bidding on their own or having dealers bid for them, LTA will not ban dealers from bidding for COEs.
Smoothening the supply of COEs
21. There were also suggestions made about smoothening COE supply, which are not new. LTA will continue to study if there is a practical way of putting aside some of the upswing in supply expected in the next few years, and to save them for the future when the supply of COEs turns downwards again.
Continued investments in public transport
22. Given Singapore’s scarce land resources, it is not possible for everyone to own a car. The Government will continue to invest heavily in improving the public transport experience, as public transport is the more sustainable mode of travel, as well as improve taxi services, to provide Singaporeans with a high degree of mobility.
Proton Exora in Cat B...? Do the idiots realize that lots of extended families not earning ministers' salaries need an MPV to ferry their extended families around. There should an additional catego...
Proton Exora in Cat B...? Do the idiots realize that lots of extended families not earning ministers' salaries need an MPV to ferry their extended families around. There should an additional category that budget MPVs like the Kia Carens and Proton Exora to be placed in. We're families. We're not singles driving a car alone to pose in. Bloody Hell can't wait for the next elections!!!!
Where are those that supported the 130hbp tweaked??
If 90% of the commentators and analyst said that the new implementation will not work, Why the ministry still annouced the news and said it wi...
Where are those that supported the 130hbp tweaked??
If 90% of the commentators and analyst said that the new implementation will not work, Why the ministry still annouced the news and said it will be implemented in Feb14.
Why we need thousands of people and professors and experts to study this topic for 4 months just to tweak the horse power.
What about the Green factor? What about so many models push to cat B?
What will change if any? Are we helping Japan and korea's car manufacturers and sidelined the European cars?
There are too many questions and we are seeing this implementation is a failure after the implemenation of Additional tax on Cat B car early this year (The ministry has made some of the cat B buyer to go to cat A and hence cat A coe premium had been increasing for the last few months since the implementation!!!!!!)
Hi Lm1616, unfortunately the MAS regulation is still in effect. I suggest we wait out to see if there are any further changes.
19 Jul 2013
Are you sure with the 15.4km/liter?
I drove my new vios 2013 1.5 G A/T in the high way (NLEX), and i got only 11.7km/l, and my speed ranges from 80 to 100kph only, with rpm not more than 2500.
Are you sure with the 15.4km/liter?
I drove my new vios 2013 1.5 G A/T in the high way (NLEX), and i got only 11.7km/l, and my speed ranges from 80 to 100kph only, with rpm not more than 2500.
What should i do to make it more efficient??
52 year old oil trader Mr David Goh is supportive of measures that force those who own multiple cars to pay more to give some sense of fairness for the rest, but he says he is not doing so in support of the middle-class' aspirations to own a car.
In his opinion, cars are a luxury, abeit it's one he can afford; by his estimates, car owners fork out $1,500 monthly on fuel, road tax, Electronic Road Pricing charges, carpark fees and insurance. He says that the more cars one owns, the more burden one has to bear, and supports the notion of car sharing as an alternative to car ownership.
Car ownership has been made less possible in Singapore after the loan curb regulations have been put in place, for most of the time, the buyers do not have enough extra cash on hand to pay the 50% up front.
Speak for yourself. Cars are a necessity for families with 2 or more children. Imagine travelling to Dairy Farm from Tampines via public transport? If you have 3 or more kids you'll need 2 cabs. We...
Speak for yourself. Cars are a necessity for families with 2 or more children. Imagine travelling to Dairy Farm from Tampines via public transport? If you have 3 or more kids you'll need 2 cabs. We need a new rule to ensure that families with 2 or more children get some discounts for road tax and COE. We're not buying the car for showing off like some singles and buying many cars to show off like some of the rich. WE SERIOUSLY NEED IT!!! The bloody ruling party never listens. 2016 can't come soon enough!!!
Recently 3 cab companies couldn't comply with LTA's regulation of putting up enough cabs to go around in Singapore too. Doesn't help the situation.
12 Jun 2013
We Singaporeans are just PLAIN suckers...we pay everything at exorbitant prices just to get it...this reality doesn't change...face it people, cars will remain expensive, the less rich will not get...
We Singaporeans are just PLAIN suckers...we pay everything at exorbitant prices just to get it...this reality doesn't change...face it people, cars will remain expensive, the less rich will not get the chance to own it, and no policy will change this situation, as long as we leave it to Market Forces to determine the Price! Look at our housing prices, it explains the situation we are facing, or going to face, for car prices..
think this david goh gone senile liao.. i tried not having a car for a month and i suffered alot..lol yes they may say "got mrt, bus & taxi what..so easy mah"... try taking a bus with stroller/pram......
think this david goh gone senile liao.. i tried not having a car for a month and i suffered alot..lol yes they may say "got mrt, bus & taxi what..so easy mah"... try taking a bus with stroller/pram...see how 'simple' it is. try doing it when the bus is full of passengers... train? when will it be the 'just nice time' for family to take a ride? taxi? fuhh..the cost of travelling from toa payoh to tampines that $$ could easily fill in quarter of my car tank.
car sharing: did that..try that..still lots of "what if", "but i", "bro i need to use it today"...sometimes it's hard..
i've got 2 boys..no matter how..boys will be boys..can never sit still..it's not about luxury..it's more of need for family with little kids like us.
Toyota has recently revealed the eleventh generation of the world's best-selling car, the Toyota Corolla. It now features a new design which to some extent is inspired by the Furia Concept.
The new Corolla is physically bigger than its predecessor and has a longer wheelbase compared to the current model. This gives the car a bolder presence and the aggressive angles and sharp edges make it look sporty.
The interior has a new design where the dashboard leaning towards the driver, with a large touch panel in the middle, superb materials and a well done finish. The space for the occupants is bigger with more leg room.
The 2014 Toyota Corolla will launch with two 4-cylinder engines. One with a 1.8 litre unit with VVT-I with 132 hp and the other with a 1.8 litre unit with 140 hp. The new Toyota has a 7-Speed Continuously Variable Transmission (CVTi-S) which improves both the driving dynamics and efficiency. The models equipped with this feature will offer an ECO or SPORT driving mode.
LTA has announced that with the opening of the new Marina Coastal Expressway later this year, some ERP gantries along ECP and within the CBD area will be adjusted. However, ERP rates and operation hours will remain unchanged.
This was revealed when Transport Minister, Lui Tuck Yew, visited the work site of the new Marina Coastal Expressway yesterday morning.
Marina Coastal Expressway (MCE) will be Singapore's 10th expressway and is 5 kilometres long.
According to LTA, the MCE will become the main route for motorists travelling between the ECP and KPE in the East and the AYE in the West.
The AYE stretches for 26.5 kilometres and spans from the end of the ECP to the West in Tuas and also connects to Malaysia via the Tuas Second Link.
With the new MCE, parts of the ECP within the city will be downgraded to become arterial roads to serve the new Downtown in Marina.
To ensure the smooth flow of traffic into the CBD, gantries towards ECP (Changi Airport) will be moved.
Those before the Rochor Road exit and the slip road into ECP from Ophir Road will be deleted. Instead, there will be new gantries situated along the eastbound direction of the MCE. This will be at the slip road into MCE from Marina Boulevard and on the ECP (Changi) before KPE.
Operating hours of the new gantries will remain the same during the peak hours of 6pm and 8pm. Existing ECP gantries towards the city will also be altered.
Those after Fort Road and on the slip road into ECP from Ophir Road will be removed.
Three existing gantries in the Shenton Way-Chinatown cordon will also be removed and replaced with another three (Sheares Avenue, Central Boulevard and Maxwell Road.)
According to Mr Lui, "Overall, motorists using these affected stretches of the roads will not be crossing more ERP gantries than today. For example, motorists using the ECP-MCE will only pay ERP once on that stretch, as is the case today."
Motorists travelling on AYE might have to pay more when four new gantries are erected in 2014.
Three - towards the city between Jurong Town Hall and Clementi roads - will be operational during the morning and evening peak hours on weekdays.
The fourth - towards Tuas near Clementi Road - will be turned on during the weekday evening peak hours only.
With the implementation of the new satellite-based ERP2 system in the near future, motorists might perceive it to be a fairer system with its distance based charging. But such a system will take several more years to be implemented.
Elaborating further, "Some motorists are worried that they will be charged the minute they leave home or start their engines. Let me assure you that we have no intention of doing so. At the commencement of ERP2, we will ensure that, from the perspective of the motorist, he will generally have the same paying experience," said Mr Lui.
Singapore currently has 71 ERP gantries. This will increase to 77 gantries by mid-2014.
Singaporean Rita Marie Gilbert, 42 and her husband, Malaysian Kumar Arunasalam, 40, were killed in crash along North South Highway yesterday at around 10.30 pm. The couple had just registered their marriage on the 23rd of March 2013 and was on their way to meet their family in Malacca to make wedding arrangements when they were involved in the collision. At the time of the crash, there were 5 occupants in the car at, which included the couple, their Malaysian friend who was also killed in the crash, her boyfriend and the driver. Only the driver and their friend’s boyfriend survived.
The crash occurred near Tangkak, Johor. The car skidded and clattered into the back of a lorry, and before the passengers could get out of the wreck, the vehicle was rear ended by a tour bus. The trio in the back died upon impact, while the driver and front passenger, who survived the crash, were taken to Sultanah Fatimah Specialist Hospital in Muar for treatment.
The bodies of the couple and their friend have been claimed and they would be buried in Malacca. Investigations as to why and how the accident occurred are ongoing
The man that led police on a dramatic high speed chase through the KPE and ECP on Monday evening has been charged in court. Yesterday, the driver of the Mazda 3 involved in the car chase, Soh Seng Tze was charged in court for the offences that include dangerous driving, speeding and failing to stop when ordered by a police officer.
Soh, 31, also faces charges for speeding while on the KPE towards TPE at about 7.55pm that day. He allegedly drove his car at speeds of 110kmh even though the speed limit there was 80kmh.
When he reached the TPE, Soh failed to stop his vehicle even after being ordered to do so by Staff Sergeant Ang Kok Yong. Soh, who is self-employed was driving while his license was disqualified and without insurance coverage.
Soh, then drove in a dangerous manner at speeds of up to 185kmh. According to reports, he was driving in a dangerous manner on the TPE, ECP and Marina Boulevard where he crashed into a police bike.
Even after the collison, Soh did not heed police orders to stop and continued driving with a police car in pursuit. He finally ended up at a carpark on Prince Edward Road where he drove into the police car and stopped.
Soh also faces charges for failing to stop and render assistance after hitting the two police vehicles. Besides the traffic offences, Soh also faces charges for being absent without official leave from his national service duties with the SCDF from November 2011 to March this year.
Soh was offered bail of $20,000 and will be back in court on April 18.
First time offenders convicted of dangerious driving can be jailed up to a year and fined a maximum of $3,000.
Like a scene out of an American action blockbuster, police were led on a high-speed chase through the KPE to ECP on Monday night around 8pm when a Mazda 3 drove through a police road block in KPE during a routine operation.
When the police signalled for the driver to stop, he floored the acclerator and started the 15 kilometre high speed chase through the KPE. The pursuit came to a close when the driver tried to escape by exiting at Prince Edward Road near Shenton Way.
While cornered in a carpark, police had to ram the motorist to prevent him from escaping. Realising there was no escape, the motorist finally exited the vehicle where he was quickly subdued by police officers.
According to the Straits Times, no other vehicles were involved in the high speed pursuit.
A police spokesperson said that the officers had taken into account the public's concerns during the pursuit to ensure that members of the public's safety were not compromised. Police investigations are still ongoing.
During a Channel NewsAsia Ask Minister programme, Transport Minister, Lui Tuck Yew, advised that aspiring car owners should hold on their car purchases till 2014 when the COE suppply increases.
At the same time he also stressed that the government is doing its utmost to improve public transport and make it as convenient as possible. Discussed during the program were also his views on several transport issues, from free train rides to making roads safer for cyclists.
In the recent COE bidding exercise, COEs in the Cat A (for cars 1600cc and below) cost nearly $17,000 more than cars in the Cat B (for cars above 1600cc). According to Mr Lui, it will take several bidding cycles over the next few months before COE premiums stabilise.
Unlike most Lamborghini owners here in Singapore who baby their pride and joy like fragile snowflakes, this proud owner of a 2010 Gallardo isn't afraid to drive his car the way it was meant to be driven! Though it must be said that Lamborghini probably never intended their baby bull to be put through its paces on a WRC stage.
The Gallardo is driven through muddy forest trails at speed while powersliding its way out of long left handers. All this done brilliantly by its owner without pace notes!
For those who loved this, this is just the first of a three part series!
HARMAN, the premium global audio and infotainment group, is providing Ferrari in-car speech control. At the Geneva Motor Show, Ferrari showcased the integration of Apple’s Siri in the latest Ferrari FF model. This marks the first such system integration by HARMAN.
Due to the seamless combination of Apple’s technology with the existing head unit, operation is just as simple as it is with any Siri enabled iPhone. A long press of the infotainment system’s menu button on the steering wheel activates Siri, while commands and audio feedback are picked up clearly and played through built-in microphones and the car’s audio system. Additionally, the volume is adjusted for better comprehensibility – just like the mobile phone, where Siri stops any music being played once it is activated.
Michael Mauser, HARMAN’s Executive Vice President and Co-President of Infotainment & Lifestyle Divisions, commented: “This Siri integration is an important milestone in the cooperation between HARMAN and Ferrari. By transferring the known modus operandi to the car, Ferrari offers its customers the ease of use of their mobile devices with an embedded premium HARMAN infotainment system.”
No pricing info yet? I was expecting the We don't like verdict to be the price point.
13 Mar 2013
Actually Mr Evan, just my humble opinion. If we let the price of cars put us off, we'll never be able to truly appreciate how brilliantly designed a particular car really is with the budget the eng...
Actually Mr Evan, just my humble opinion. If we let the price of cars put us off, we'll never be able to truly appreciate how brilliantly designed a particular car really is with the budget the engineers were given. Take this M135i, a car of similar spec costs £37,500 (S$70,000) in the UK. But in Sg, the same car costs S$200,000+. What was supposed to be a bang for buck car everywhere else in the world is priced beyond reason here.
I truly believe there is a better way of controlling the car population beyond using such exorbitant methods. With over $200 million nett profit going into the government's coffers with almost zero capital input, one wonders if the COE is nothing more than an extremely efficient revenue generating machine for the government.
Most of us might have speculated that COE prices would take a tumble after the new financial measures were introduced, but the outcome of the latest bidding exercise would no doubt have caught some observers by surprise.
It has been a while since COE prices for Category B (used to register large cars above 1.6-litres) fell below that of Category A (for smaller-engined cars). Category B closed at $58,090, as compared to $74,689 for Category A. I am guessing, if two people had tabled bids in the respective categories, Buyer B (with a Cat B COE) would have managed to get his Honda Civic 1.8 for a little less than what Buyer A paid for his Civic 1.6 (in Cat A). Sounds counter-intuitive, but such is the difference in price.
The price disparity is probably due to the stronger recent presence of continental makes in Category A, which could have meant that the bids were more aggressive than in Category B. A look at the number of bids received for both categories showed that 1,180 bids were submitted for the former, versus 1,028 for the latter. I suppose few in the industry would have expected such a low premium for Category B relative to Category A, which explains why the bidding for larger cars were rather conservative. Of course, there are other explanations for that, such as Category B buyers being more patient in the “wait-and-see” game as they are in less of an urgent need for a new car. Or it could be the effect of the higher ARFs for luxury cars.
So, while the Government has achieved its secondary goal of bringing down COE prices to lower economic inflation, the results of this exercise has also confirmed one of the worst fears for many lower-income and middle-class Singaporeans. A potential pitfall was that, all things being equal, the raft of measures would have been more favourable to the rich, since the less wealthy would be driven out of the new-car market because they could not fork out the higher downpayments required.
With Category B COE prices falling to a sizeable $16,000 below that of the Category A premium, the significance of this issue has been magnified. I can anticipate more members from the upper echelons to be thinking about entering the market for their first car or to consider upgrading their current cars, since they are not too affected by the loan measures and the rise in ARF is only a minor concern to them.
While I caution against reading too much into this round of results as it might be an anomaly, we could be headed for some dissent among members of the general society if the trend persists in the upcoming bidding exercises. The perception that cars are only for the wealthy may well be reinforced, and the class divide would represent a step backwards in our ultimate goal of creating a more equal society for all. However, market forces might restore the balance naturally as car buyers move their attention to where the real savings are and ponder about “upsizing” to Category B.
Perhaps other measures should have been undertaken to correct the vehicle market, but only time will tell whether this conjecture of mine is proven right. Policy-making is always tricky and often involves trial-and-error. This latest “experiment” might not have gone down too well in the report cards, though it is still early days as the industry is trying hard to steady itself as it rides through the waves of uncertainty. With that said, I shall reserve my verdict for now.
Local News: COE Results for March Round 1
"So, while the Government has achieved its secondary goal of bringing down COE prices to lower economic inflation, the results of this exercise has also confirmed one of the worst fears for many lo...
"So, while the Government has achieved its secondary goal of bringing down COE prices to lower economic inflation, the results of this exercise has also confirmed one of the worst fears for many lower-income and middle-class Singaporeans. A potential pitfall was that, all things being equal, the raft of measures would have been more favourable to the rich, since the less wealthy would be driven out of the new-car market because they could not fork out the higher downpayments required.
With Category B COE prices falling to a sizeable $16,000 below that of the Category A premium, the significance of this issue has been magnified. I can anticipate more members from the upper echelons to be thinking about entering the market for their first car or to consider upgrading their current cars, since they are not too affected by the loan measures and the rise in ARF is only a minor concern to them."
let's face it: cars here ARE for the rich; they are not meant to be "affordable" to everyone, considering that a Civic costs half an HDB flat
14 Mar 2013
Thumbs up! For the recent Govt measures on car ownerships! In SG, all has equal chances to make their own living, owning a car will give a new sense of achievement to those who worked smart & hard ...
Thumbs up! For the recent Govt measures on car ownerships! In SG, all has equal chances to make their own living, owning a car will give a new sense of achievement to those who worked smart & hard for it!
Likewise in HK, most commuters are taking public transports except for the elite ones & those slightly above average income earners
Even if you are one of those people who see eye to eye with Howard Hughes and avoid the outside world like the plague, if you live in Singapore, you have definitely heard of the MAS restrictions on vehicle financing over the last two days. If you are slightly more involved, you would have heard everyone and their uncles talking frantically about how this is the biggest upheaval to hit the car industry since indeed the COE system was introduced 20 years ago.
. The car forums have been abuzz with an intensity that could probably power a small city and the multitude of opinions offered on this subject would shame most election debates.
However in this madness, there does seem to be some consensus. Everyone agrees that COE will fall from its current levels and I would say rightly so. When you take away credit so drastically both in terms of magnitude and tenure (100%-50% & 10yrs to 5yrs), buying power & consequently demand will be dealt a double blow.
How much will COE fall to? Well there’s no point trying to guess that without two data points. What percentage of car owners do avail themselves of credit beyond the new limit & till what extent? And also what percentage of these car owners would have available liquidity to the extent of what we are talking to do a down payment for a new car in today’s world.
Since the former data point is the reserve of a select few in the finance industry and (I’m guessing) the government (I belong to neither group sadly) and the latter is anyone’s guess, I’ll steer far away from guessing future COE levels. 50K?40k?$2??...Go with whichever number makes you happy, but rest assured the days of $90K COE are long behind us
What I will try and do is try and give some practical (and analysis driven) advice on what’s your best way forward depending on which part of the Singapore motoring cycle you happen to be in.
1) Mr/Miss High COE, high Loan:
Sadly this is the category I fall under, i.e. you have bought a new car at high COE in the last two years. And I have a word for what we are. SCREWED!!
Haha, actually there’s no reason to be quite so dramatic though reality is this. The resale value of your car is going to fall through the floor as new cars get cheaper. This coupled with your high loan levels mean that you will probably be looking at top-ups with numbers with lot of zero’s behind them to clear your loan if you need to sell your car anytime, EVEN in the next 5-6 years unless policies change dramatically again. Don’t believe me? Calculate your paper value (its quite a simple exercise) and your loan outstanding at different points of time. Cause there ain’t no dealer who’s gonna offer you much more than paper value if new cars are so cheap. Personally for me, the difference is more than $10K even after 5 years of ownership.
And the best part is the double whammy. If you want to change your car, not only do you have to top-up your loan but you need to foot the 50% (or 40%) down payment for the next car as well. Given your proclivity for not wanting to/ being able to pay a lot of cash upfront (I am guessing since you took a high loan), this will be a pill, possibly too bitter too swallow.
So my advice. Love your current car like a family member and take good care of it. Chances are your car will be old enough to go to middle school by the time you can afford to get rid of it. There is a bonus from this though. You can do whatever the hell modification or personalization you want with your car as resale value is screwed anyway. So if any of you ever wanted leopard print seats and purple velour in your car, now is the timeJ
2) Mr/Miss Newbie
For the person or family who has just managed to get affluent enough to afford a car or more likely, the recent move may feel draconian. How the hell are they going to foot down several 10s of Ks when their finances have already been stretched by other er. Cooling measures (property anyone?;)). Many people who fancy themselves as society’s prudence inspectors say this is a blessing in disguise, if you can’t afford the 50% down payment, you damn well shouldn’t be buying a car in the first place. But I beg to differ please dear sir. The financial system exists for a reason and while I agree that 100% loans over 10 years with low interest rates may be inviting trouble, something closer benchmarked to what many other countries do (of the top of my head, I think of 20% down payment, 5 years repayment) may be prudent enough. Anyways before I start a flame war beloved by the internet, I’ll change the topic
Mr/Miss Newbie, there are some seriously under-rated and cheap >7 yr old cars out there on the classifieds, fit for every budget, demanding little more than a 10-15K downpayment (I will play prudence inspector here and say if you can’t afford to pay $10K, you shouldn’t buy a car. No, just joking. It’s your choice, what you do with your moneyJ). You have hatchbacks, saloons, mpvs, even sportscars. Yes, you will compromise on brand and battle market perceptions but there are deals to be had. My top pick, though albeit a bit biased as a good friend just bought one for a short term drive, is the Opel Astra 1.6 or 1.8 hatchback. You can pick up a 2004 or 2005 one at less than $25K. Opel’s are quite undervalued in the Singapore used market and I don’t understand for a life of me why. This Astra for example has ridiculously solid build quality (the door sound will put my new Alfa to shame), really comfortable seats and interior(comparable to a Golf which Singaporeans seem to love) and a reasonably power fuel efficient engine. Yes, my friend has had to spend a k or two on some checks and some parts replacement but he is beyond satisfied. He swears its all the car. And in case you are wondering, this guy’s last two cars were a Mazda RX8 and an Audi S3
So if you absolutely need a car, buy a PARF car, drive it for a couple of years and hopefully by then either you’ll be more cash rich (getting the 10 year PARF rebate will help) or policies will change (I can dream, can’t I?).
3) Mr/Miss Low COE Wait and Watch
So you got lucky and were one of the few people who could afford to buy a car in the after math of the credit crunch in 2008, 2009 or even early 2010 and now your backside is just about starting to get itchy. Well, the government just handed you an early or late birthday gift, didn’t they? Yes, the downpayment part is irritating but hey, if you could afford to buy a car four years back, chances are that you do have some money lying around especially since your car didn’t cost an arm or a leg. So the best thing for you is to continue doing what you were doing. Wait and watch until COEs come down to make new car prices palatable again. Yes, you won’t get the amazing resale value you thought you were getting in high COE years but if you had actually ever approached a car dealer, you would have realized that most of the amazing value of used cars was being pocketed in swelling dealer margins than their original owners.
So congratulations. I envy you!!
4) Mr/ Miss Cash Rich
Haha, I can offer little advice to you. You are snickering all the way, waiting for COE prices to fall before you go and get your dream car. Just remember, they have sneaked in the ARF increase as well while everyone’s distracted by the Financing restrictions. So it won’t impact a Honda or a VW too much, but if it’s a Porsche you have been eyeing, be prepared to pay through the nose.
Please note. It is not this authors intent to offend though in case you are, please take a chill pillJ
This is a really good and an informative post. I am an Aussie newbie to car ownership and your article is great at putting things into a clearer perspective! Singapore has the easiest tax code, ye...
This is a really good and an informative post. I am an Aussie newbie to car ownership and your article is great at putting things into a clearer perspective! Singapore has the easiest tax code, yet buying a car is so complicated!!!! Arent there more egalitariam ways to own a car or property in SG?
But having said that, it is only recently the government is working on (but dunno how long) fine tuning the policies. The COE and ARF in the past (and still is at the moment)...
Welcome to Singapore!
But having said that, it is only recently the government is working on (but dunno how long) fine tuning the policies. The COE and ARF in the past (and still is at the moment) a blunt tool to solve Singapore's car woes.
First, it was the high COE prices. Now, it’s the 50 per cent loan cap and higher ARF. Having one’s own set of wheels may well be a dream too far for many. Especially for car enthusiasts like me, it is an added blow to see our dreams go up in smoke. I used to think that if I can save up enough over 5 years (assuming I live on a diet of porridge and instant noodles), I would be on my way of achieving my goal of owning a car. As COE premiums breached the $80,000 mark, I had to adjust my goal a little farther. But then came the killer blow which meant that I have no choice but to postpone it indefinitely. Only Santa can make my dream a reality now, by leaving a car with my name in the driveway, though I have to wait till Christmas for that.
At what cost, for a car?
Recent reports in the media have highlighted the real cost of owning a car throughout an adult’s lifetime, putting the price tag of owning a humble 1.6-litre sedan for 50 years at a whopping $1.6 million. For people who are using it as an attempt to console themselves of their evaporated dreams, may I just point out that this is a natural defence mechanism – a coping strategy adopted in response to a piece of news which is hard to swallow. However, I would like to challenge this thought.
I believe motorists (and potential buyers) are already aware that we, Singaporeans, are paying a rather hefty sum to buy, operate and maintain our cars – it is not a sudden revelation. Next, not everyone owns a car from the age of 25 to 75, so we may be overestimating the figures if we assume that this is the longevity of our membership in the exclusive vehicle owners’ club. If I were to rope in statistics that 1 in 4 households owns a car, perhaps it is not so exclusive after all. Nevertheless, it brings us nicely to my next point: not everyone shoulders the financial burden of car ownership alone, since the costs (and benefits) are often shared with a spouse or among a larger family. Hence, I found it slightly amusing when the press and common man on the street are riding on the wave to “make sense” of ploughing massive sums into the purchase of a car, patting themselves on the back and saying, “It’s alright, I probably can’t afford it anyway, so it doesn’t make a difference.”
If the policy-makers had intended for this effect, then they have achieved it well. However, buying a car has always been more of a luxury than a necessity for most of us. As such, the rationality of it all may not be as comparable to, say, that of a house. Therefore, trying to make sense of a purchase which is not entirely rational would be like trying to explain why you went for a piece of premium-grade beef (a car) costing $100, when a $30 T-bone (public transport) would have filled your stomach sufficiently (gotten you from point A to B).
Why I (still) want my set of wheels
Despite the convenience of public transport as what our Government highlights to us, I still aspire to own a car. No need for something flashy – I would be happy with a decent hatchback. There is the time-proven perception that a car is a status symbol, and yes, what better way to show that you have made it in life? But bragging rights does not matter to me. It is more of the freedom associated with a car that appeals to me. With a car, I can stay out late with friends without worrying about the last bus or train home (I am sure this echoes the voices of my peers in their 20s). Trains do not operate round the clock, and the rout coverage of night buses can still be improved.
Also, there are times where one wants to head for a picnic at East Coast Park and it just does not make much sense to lug around a large cooler box of drinks and another handful of plastic bags all the way from Jurong West (for example), by bus and train. There is always the option of a cab, though a round-the-island trip can cost you dear if you have others to pick up along the way. One might ask, how often do you go for picnics? Not everyday, but it can be a bit of a hassle to rent or borrow a car, given that one has to first make his/her way to the pick-up point and return it after use. Alright, I admit, these are just weak excuses to justify my love for driving. Is there anything wrong for enjoying being behind the wheel?
Considering others who may need a car more than me
So, it may be just a matter of forgoing a bit of convenience (and perhaps a little part of me as a car enthusiast) in my case, but what about others who have a greater need for a set of wheels?
Having a car can reduce travelling time significantly and make it much easier for families with dual-income parents, school-going children and grandparents who are getting on in age. The same applies for working adults whose occupations require frequent travel. As much as transport planners are trying to reduce the gap between public and private transport, an estimate from my personal experience is that travel time on buses and trains is at least one-and-a-half times that of a journey by car – you can work out the difference there.
Besides, housing regulations dictate that HDB flat owners have to reside in their properties for at least 5 years before they are allowed to sell their homes and move to another location. Frankly speaking, do that many of us stay in the same work location (or job) for that long? What if we have to travel from one end of the island to the other? Would you prefer leaving your house very early in the morning to make a long commute over having a car? I do sincerely hope that with the new MRT lines and bus routes, this is alleviated for many.
Putting things into perspective
Granted, there are alternatives to car ownership, such as leasing or joining a car-sharing club. And these might well be the only viable options for the group which has just been squeezed out of the car market. (I think I belong here.)
Perhaps the only realistic way that I can get behind the wheel of a three-pointed star regularly is to get my Class 4 license so that I can drive a Citaro bus. Or wait till I’m 30 and apply for a taxi vocational license to drive an E220 CDI cab. Or, if I really want to, splurge a little for a day of fun around the Sepang circuit up north in Malaysia.
I am staying optimistic since I still have the abovementioned options open to me, so I believe you will be able to as well! I mean, how bad can it be?
Showroom traffic takes a hit as buyers stay away
Dazed and Confused
Budget 2013 Aftermath
Budget 2013: What now?
The Second Minister for Home Affairs, S. Iswaran, has announced several new initiatives to improve safety on the roads through increased enforcement and education for motorists. This comes after an increase in the number of traffic offenses committed last year, up from 316,214 in 2011 to 327,503 in 2012. Apart from more motorists being caught speeding and running red lights, a spate of high-profile accidents involving heavy vehicles has also prompted the authorities to step up efforts to protect road users.
The new initiatives include:
- Increased surveillance by enforcement officers
- More red light and speed cameras to be installed, with existing ones being upgraded
- Additional demerit point for offences within school zones
- Compulsory Expressway Familiarisation Ride course for new motorcyclists
- Voluntary Safe Driving Course for drivers with demerit points
Unveiling the new Safer Roads Singapore strategy in Parliament, Mr Iswaran declared that there will be an increased presence of Traffic Police officers on the roads with 70 more officers being deployed, bringing the total patrol strength to 210. The number of red light and speed cameras installed across the island will rise from 240 to 300 by the end of 2014, with existing cameras being digitised so that summons can be processed faster.
A tougher stance has been adopted against reckless driving within school zones, with the Ministry of Home Affairs (MHA) punishing motorists with an additional demerit point if offences are committed within zones marked by the distinctive red textured surfaces and ‘School Zone’ signs. The extra demerit point could cause a new driver on probation to have his licence revoked, as he would be slapped with 13 demerit points instead of 12 for running a red light within a school zone.
Besides increased enforcement efforts, the Traffic Police is aiming to improve education for motorcyclists and drivers by offering relevant courses to them. All new motorcyclists will have to attend a mandatory Expressway Familiarisation Ride course from June this year. Previously, the course was optional for new Class 2B licence holders.
A new Safe Driving Course has also been introduced by the Traffic Police. Targeted at offenders who have accumulated 12 or more demerit points, the voluntary course aims to correct unsafe road habits. Participants who have successfully completed it will have 3 demerit points deducted from their record.
I think more can be done to increase passive safety systems on roads and on training new drivers. Focusing on penalties and disincentives is only one way at looking at the problem. Perhaps we can l...
I think more can be done to increase passive safety systems on roads and on training new drivers. Focusing on penalties and disincentives is only one way at looking at the problem. Perhaps we can look into more visible lane markings. This is felt especially on rainy days, and we know we have many, when a driver can't even see the line markings. Or make the driving syllabus cover more extensive real world driving to help new drivers adapt better to going on the road and raising overall skill and expertise level of the average driver.rnrnWe can all do better to make the roads a safer and less stressful place.
I agree with you. Accidents are caused by three main factors: the driver, the environment and the vehicle. Improving road designs to minimize accident 'black spots' would help, and so will technolo...
I agree with you. Accidents are caused by three main factors: the driver, the environment and the vehicle. Improving road designs to minimize accident 'black spots' would help, and so will technology to make cars smarter and safer, but ultimately the one deciding factor lies with the driver.
Ideally, we can achieve a higher level of safety by training/education. However, not all the messages are driven home, and there will be a group of irresponsible drivers who give the majority of law-abiding drivers a bad name, hence punishment seems to remain a necessary part of policy. Think about it, we also get penalized heavily in our insurance premiums when an accident happens, but when we keep a clean record, the reward (no-claim discount) is relatively smaller.
I agree with both of you. The education has to start with at least during the basic theory curriculum. There are issues like giving cyclists/pedestrian space and slowing down at the school zones is...
I agree with both of you. The education has to start with at least during the basic theory curriculum. There are issues like giving cyclists/pedestrian space and slowing down at the school zones isn't stressed, at least during the time I had my driving license.
Land Rover is gearing up for this year's New York Auto Show with a teaser for the company's new Range Rover Sport. The brief clip doesn't reveal much beyond a fender and a quick glimpse at a headlamp but features the machine's exhaust note for the first time. Details are scarce as it can be at the moment, but it certainly sounds like eight cylinders.
The Range Rover Sport was last seen in the snow near the Arctic Circle. That peek didn't give much to go on beyond some suggestion towards a significantly revised lower fascia, though we have heard Land Rover is working on whipping up a seven-passenger version of the Range Rover Sport in addition to the standard five-passenger model. Since previous iterations of the RRS have derived their underpinnings from the seven-passenger LR4, that would seem to be a pretty easy thing to engineer. While you're waiting for the Big Apple reveal, you can check out the new teaser video below.
Related Article: All new Range Rover Sport to be unveiled in New York
Following this round of bidding, Certificates of Entitlement (COE) have plunge in most categories with the biggest drop in Cat B.
Category A (Cars under 1,600cc) segment COEs closed $3,612 lower this round at $74,689. Elsewhere across the board, prices declined with Category B (cars over 1,600cc) COEs falling by $34,577 to close at $58,090. Prices in the Category E (Open Category) have also decreased by $26,909 to finish at $65,001.
The full results are as follows: Category A (Cars below 1,600cc) : $74,689 (-4.6%) Category B (Cars above1,600cc) : $58,090 (-37.3%) Category C (Commercial Vehicles) : $53,900 (+0.7%) Category D (Motorcycles) : $1,895 (+25.3%) Category E (Open) : $65,001 (-29.3%)
Related Article: Local News: COE results for February round 2
Volvo Car Group reveals world-first Cyclist Detection with full auto brake in Geneva The new functionality is an enhancement of the present detection and auto brake technology, and the package will be called Pedestrian and Cyclist Detection with full auto brake. All cars equipped with pedestrian detection will also incorporate cyclist detection.
"As the leader in automotive safety, we have been first in the industry with all detection and auto brake technologies, from the first-generation brake support in 2006 to pedestrian detection with full auto brake in 2010," said Doug Speck.
According to accident data, about 50 per cent of all cyclists killed in European traffic have collided with a car - a number that is counteracted by Volvo Cars' new Pedestrian and Cyclist Detection technology.
New advanced software, including more rapid vision processing, has made it possible to extend the present detection and auto brake technology to cover also certain cyclist situations.
A cyclist in the same lane swerving out in front of the car is one incident type that is addressed by the Pedestrian and Cyclist Detection with full auto brake, which will be available in the Volvo V40, S60, V60, XC60, V70, XC70 and S80 models from mid-May in 2013.
The advanced sensor system scans the area ahead. If a cyclist heading in the same direction as the car suddenly swerves out in front of the car as it approaches from behind and a collision is imminent, there is an instant warning and full braking power is applied.
The car's speed has considerable importance for the outcome of an accident. A lower speed of impact means that the risk of serious injury is significantly reduced.
Combining camera and radar
Pedestrian and Cyclist Detection with full auto brake consists of a radar unit integrated into the car's grille, a camera fitted in front of the interior rear-view mirror and a central control unit. The radar's task is to detect objects in front of the car and to determine the distance to them. The camera determines the type of the objects. Thanks to the dual-mode radar's wide field of vision, pedestrians and cyclists can be detected early on. The high-resolution camera makes it possible to spot the moving pattern of pedestrians and cyclists. The central control unit continuously monitors and evaluates the traffic situation.
The auto brake system requires both the radar and the camera to confirm the object. With the advanced sensor technology, it is then possible to apply full braking power immediately when necessary. The technology also covers vehicles driving in the same lane.
Major renewal of six models
At the company's press conference in Geneva, Volvo Cars also presented the new model range, which includes new versions of the Volvo S60, V60, XC60, V70, XC70, S80 and the Volvo V60 Plug-in Hybrid.
"This is the most extensive development of existing models in our company's history. Each of the enhancements is designed around our customers' needs. We have focused on quality and attention to detail in order to give these models a major boost and sharpen their competitiveness," said Doug Speck.
CO2 emissions at 88 g/km
It was also announced in Geneva that the successful new Volvo V40 is now available in a manual D2 version (115 hp) with CO2 emissions down to 88 g/km, which translates into fuel consumption of 3.4 l/100 km.
"By cutting the CO2 emission figure by a further six grams per kilometre, we once again demonstrate our leading position within fuel efficiency improvements," said Doug Speck.
View the video below to see how it works.
Volvo makes driving at night safer and more comfortable with renowned active high beam control
Volvo s60 Polestar
Lexus launches the all-new LS at their brand new Lexus Gallery at Leng Kee Road
Journalists gathered at the new Lexus Gallery showroom to witness the rebirth of a industry legend. Launched in 1989, the Lexus LS took the luxury car segment by storm when it appeared on the scene. Bringing the standards of modern luxury sedans to a new level with a standard of perfection never seen before.
Today, Lexus is once again setting the new standard with its latest LS model that underlines the company's endless pursuit of perfection.
Certificates of Entitlement (COE) have closed lower in all categories except in Cat E following this round of bidding.
Category A (Cars under 1,600cc) segment COEs closed $1,090 lower this round at $91,010.
Elsewhere across the board, prices declined with Category B (cars over 1,600cc) COEs falling by $709 to close at $95,501.
Prices in the Category E (Open Category) have increased by $1,788 to finish at $97,889.
The full results are as follows:
Category A (Cars below 1,600cc) : $91,010 (-1.2%)
Category B (Cars above1,600cc) : $95,501 (-0.7%)
Category C (Commercial Vehicles) : $57,051 (-4.9%)
Category D (Motorcycles) : $1,781 (-7.8%)
Category E (Open) : $97,889 (+1.8%)
A total of 1008 Cat A, B and E certificates were awarded in this round’s bidding exercise compared to 1028 in the last round. A total of 1,653 COEs were awarded.